Everyone's watching Netflix this week — Netflix earnings, that is. And it will be a make-or-break moment for the company that's made its name synonymous with streaming itself.
most consequential earnings report
But it wasn't just the loss of 200,000 subscribers that rattled investors. It was also the forecast that the second quarter would yield a further loss of 2 million paying customers. "There will be hell to pay if they report a number that is significantly higher than the 2 million loss being thrown around," Andrew Hare, a senior vice president of research at Magid, told CNN Business.CEO Reed Hastings long maintained that Netflix would remain ad-free and rely on subscriptions.
Netflix has already begun testing a feature that charges password sharers a few extra bucks per month in some markets and is widely expected to announce a national rollout this year.Netflix is still the king of streaming, with 221.6 million subscribers worldwide. But the competition is gaining quickly, offering premium content at a lower price. Disney+ has only been around since late 2019 and already boasts more than 135 million global subscribers.
Why it matters: "If you didn't look at anything else — you just looked at the bank numbers — you wouldn't be thinking there's a recession around the corner," Mark Conrad, a portfolio manager at Algebris Investments, told my colleague Julia Horowtiz.Financial anxiety is deepening in China, and that's got massive implications for the global economy.
Protests are, to put it mildly, unwelcome in China, as the government knows all too well how quickly social unrest can spread. That's why the country's banking regulator stepped in on Sunday, urging lenders to increase financial support for real estate developers so they can complete unfinished projects. It also pledged to boost capital buffers for thousands of small banks facing a cash crunch.
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